Portugal Missed Its Chance to Be Rich - VisualPolitik EN
Vložit
- čas přidán 16. 12. 2023
- Join the VisualPolitik community and support us on Patreon: / visualpolitik
After a severe economic and financial crisis that plunged the country into misery between 2011 and 2013, Portugal managed to recover robustly, building a solid system that quickly put the country back on its feet after the severe blow of the Covid-19 pandemic. For many, Portugal has become an example to follow.
However, a new crisis has hit the country: the housing crisis. High prices, caused mainly and paradoxically by measures that helped Portugal out of the abyss in 2013, are once again suffocating the Portuguese population, who are demanding drastic changes from a government that is in the midst of an unparalleled political crisis.
How did Portugal become an economic paradigm, what was the price it had to pay for it, and why are protests taking to the streets again?
#Portugal #Economy #visualpolitik
You guys don't seem to understand the situation in Portugal. Nobody thinks that Portugal was doing great since 2014, the golden visas and the tourism industry are not really creating wealth in Portugal.
for example, the golden visas are used to obtain citizenship by sketchy millionaires (Russian and Chinese), that money they bring with them leaves Portugal as soon as the citizenship is obtained, it does not contribute to the real economy of Portugal, does not generate sustainable employment and is opening the doors for mafias.
on the other hand, the urban tourism industry that developed since 2014 has only created some jobs that pay minimum wage and in many cases not even a full time job while removing thousands of houses from the rental and purchase real state market... The majority of the young Portugese people have a good education, many with useful college degrees, but they can't find good jobs in Portugal, so they leave, the houses are too expensive for them and the salaries too low, for them is easier to just go to Germany, France, Switzerland or the Netherlands where they can find a well paid job in their profession, meanwhile the tourism jobs are being filled by mostly Brazilian workers, which worsens the real state shortage crisis, because those foreign workers need houses too. Portugal desperately needs to reindustrialize and train more young people in technical education rather than college degrees that have no good prospects of employment in the country.
the tourism industry is actually depressing the average salaries and incentivazing the arrival of low skilled low education migrants that earn less money.
the end of the golden visas for real estate investments is a good thing, but the golden visas for business investments should remain.
Portugal is not "rejecting the rich", instead is rejecting a bad simplistic economic model that does not really create wealth in the country.
believe it or not, too much tourism is bad for an economy, if you don't believe it, look at Spain, the touristic south is poorer than the industrial north (Look at Bilbao and look at Málaga, one rich, the other poor).
@@ConanOG Still, there are 300k here and they keep on comming.
@@ConanOG Of course they were. Lots of friends you have. Get back to the tent
@@ConanOG Yea, yea... there's a whole industry of videos where you can talk about friends and acquaintances and explain how brazilian children are spanked by portuguese teachers, etc. Go there, your comments will have better currency there.
@@ConanOGmaybe they weren't good enough to stay. Portugal (as any economy) needs skilled workers, and most of the brazilians don't have the skills. There's a big difference in education between the two countries. What i am saying is that on average the brazilian migrant fills the low/mediam-low wages which are bad enough to get by on daily basis yet alone if your a migrant looking to cash euros and return home (like a lot of brazilians thing alike when moving to Portugal)
Btw engineering jobs are one of the most well pay...
@@ConanOG LOL
Citizenship should never be on sale. Period.
In Goa, India they're selling it, i think even on Macau, and on East Timor also. In Brazil there is almost 500k portugueses borned and raised living there, maybe even more, lots of portuguese sons and grandsons on Brazil, Angola, Moçambique and Cabo Verde. But were they are selling it as product is on India and China, they see it as way to enter EU. I'm also a portuguese.
Stupid people should never talk. Period.
@@brb4903Right.!!!
Our PM wants to give away in the corn flacks instead of the little toys for the kids.... (Just joking)
Found the communist. NHR and Golden Visa should only be banned in the largest cities. No need for heavy handed bullshit from the federal gov't.
Also a Portuguese here. We didn't miss a chance to be rich. We are getting more and more miserable due to too many incentives to the wrong people. Golden visas and fiscal incentives to rich foreigners created such a housing bubble that a native couple with good salaries cannot buy a house in its own capital. I hope we didn't end these laws too late.
isso não explica nada sobre a falta de crescimento nos rendimentos. Que é o foco do que está em falta nos últimos 20 anos. Os vistos e o investimento estrangeiro geram riqueza e postos de trabalho indirectamente. Impedir isso é simplesmente estúpido.
@@ivoferin8176 que riqueza se gera com a especulação imobiliária amigo? Achas que deves pagar impostos por quem vem especular o preço das casas? Os salários dos portugueses aumentam-se por decreto?
@@ivoferin8176 o "investimento estrangeiro" tem sido mais no imobiliário, e são as imobiliárias que mais ganham. Com o crescimento do número de residentes com riqueza bem acima da média, o sector privado da saúde precisou de ir buscar mais profissionais ao sector público. E aqui mais uma vez o tiro saiu pela culatra.
Sim, diz que foram os vistos gold que causaram a crise da habitação e não a quantidade de emigrantes que entraram no país.
@@vonweiss7149 não amigo... a responsabilidade é de quem vive da especulação imobiliária, portugueses ou estrangeiros. Alguns destes últimos, classificados como "investidores" e com benefícios fiscais simplesmente por comprar e revender património português. Portugueses e emigrantes sofrem o mesmo devido aos preços absurdos.
“Más Vivienda” is written in Spanish, not Portuguese, which is curious given that you cite a Portuguese source!
But it's a Spanish channel. The English channel is just a translation with another presenter.
🇵🇹 Portuguese here. The amount of houses built in the last 5 years stagnated. The immigrant population more than doubled and the portuguese people who left the country didn't had their own houses in the market (in Portugal is common to live with parents until 30's). If you don't increase supply and receive an increase in demand, the prices will obviously increase. Specially if you add up the issue of rich developments that inflate the local prices. This is something that didn't generally happen in the rural side with a decrease of population, despite low levels of construction due to a complex burocratic system, high taxes and low investment from the State that affects this issue on nation scale.
Sim Francisco, começa a acontecer nas zonas rurais também. Casa vez mais cheias de agentes imobiliários não só portugueses como estrangeiros a trabalhar para o mercado do Norte da Europa.
As yet another Portuguese who was forced to emigrate recently, watching this felt like watching a parallel reality video. From the lack of nuance bordering historical revisionism to errors and misinterpretations every couple minutes, I got the impression this was simply complete outsiders giving a biased view they got from reading some financial times’ headlines.
Some examples out of the top of my head:
-you spoke well of financial management during the dictatorship, failing to disclose the absolute miserable conditions and lack of investment on the Portuguese population that forced mass emigration; that also explains the lack of competitiveness of the economy for decades (lower skilled labor, lower productivity of national businesses…)
- speaking about instability post 74 revolution, you told about frequent “presidential resignations”: there has never been a presidential resignation, we had President Eanes 2 full terms from 76 (first election post revolution) to 86 (year we joined EU)
On more recent situations:
-Socrates government fell also due to massive corruption and gross mismanagement that ended in the 2011 bailout, not simply for “failed investment strategy”
- 6:48 “Passos Coelho reduced unemployment benefits from 1257€ to 1048€” what?!! Interestingly you don’t even cite sources on that one… You properly mentioned right after that he froze the minimum wage on 500€ . Did you even review your own video for blunders like these?
- You then go on presenting Passos Coelho as a great manager, dismissing the corruption and instability as well (Tecnoforma case, Minister Relvas fake diplomas, Vice Prime Minister and coalition partner Portas’ “irevokable” 1 day resignation…) and more importantly not showing the cold data: economy shrunk every year on his tenure (except for the last 0,8% stagnation), public debt increased from 100~114% to 131%.
-With this in account, it would contradict your little parenthesis as indeed the first Costa government at least would deserve credit for finally reducing debt and putting the country in actual economic growth, specially considering that it came with a change of strategy comparing with his predecessor.
-Then finally you seem to attempt to do some kind of scaremongering for “foreign investors”, going all the way into the details of a non passed law that ended in some “más vivienda” program, that frankly I don’t know, it sounds Spanish to me.
-- And overall, for all your talk focused on “foreign investment”, you never disclosed how much of that investment was on buying property (speculative) or on the productive economy (startups, businesses…).
So in the end I learned nothing new, other than to take your future videos with a pinch of salt, and advise my friends to do the same.
Next time do proper research and talk with some actual people inside the subject.
It seems these guys basically have the same mindset as Salazar. If one figure on a chart looks good, it doesn’t matter how people are actually doing. They love neoliberal economics, austerity, trickle down and short-term gains. When the middle class is eroded and young people see no way of joining it, not least because they can never afford a home, when inequality rises, it just leads to the rise of right-wing populism. And that’s always a disaster.
Foreign real estate investment speculation pushes up prices without much gain to the economy. If this was to work, you could at least have designated, limited property for it and all money invested being reallocated to those affected by it, i.e., to build affordable housing etc. When you build something new, a certain percentage of units should be affordable (this also helps to mix people.) And it seems reasonable that the people coming for a golden visa should show enough interest in the country to actually live there.
There is corruption in Portuguese politics and that’s of course a big issue regardless of political parties.
When I started watching this channel I was a little surprised by some of their analysis, but still thought they were worthing listening to. Then they did a couple of videos about stuff I actually studied and I was blown away by their amateur presentation. Extremely biased and flawed information. Behind the cool editing there is basically nothing more than neoliberal garbage. Insane, this is propaganda, and not even at its finest.
Portuguese here. The golden visa program was only good on paper because, although a lot of investment came, it was just to fuel speculation and not good economic activity. You can increase the gdp (the end goal) by multiple ways, but what´s created (the means), is that matters. In my opinion, Portugal needs to diversify other parts of it´s economy beyond tourism. Improve it´s infrastructure and technology investment, in a way similar to Ireland ( give financial support and tax exemptions). It´s not the end of the Visa program and increase in property tax thats going to sink Portugal.
Agree. The Golden Visas could continue in my opinion, with the change that purchasing a house of 500k would not count as investment, as it was until now. They would have to make a "true" investment in a business or something, not real estate. That way money could still pour in, without inflating housing prices so much, for those who really wanted to invest. They could still buy a house at market price, but would have to still invest at least 500k in something else other than housing. This could help a bit and still keep most of the money flowing in.
Also, the State needs to urgently invest in social housing, or incentivise new construction at affordable prices, by giving tax exemptions or something to the developers, instead of limiting rent increases and forced rentings. The housing market urgently needs to slow down. We just need a big boom in new construction and rehabilitation of more derelict buildings, which there are still some.
What's going to sink Portugal is the lack of affordable housing for the common joe. The foreigns are welcome to speculate on overly priced assets and make a buck until it bursts due to social arrest. That's the market risk like any other business.
Portugal doomed itself, I was thinking of going there, buying someplace, and building a house, but some friends told me there's a lot of corruption in building something, they ask for a lot of licenses and sometimes they difficult it with some of them asking for brides.
So if it's difficult to build something what happens to the houses? Yeah the prices increase
@@kikoempis you are clueless.
They sold ouR country on pennies on the dollar in exchange for tourism and ´economic growth´, they never stop the bleed that makes our country ´poor´, the kids of today will be even worst without proper education and a health care system falling apart even tho our medical workers are overall amazing beside some old ones counting the days until retirement they keep that boat alive, Our high skilled people run away, we are filled with bussiness ´cartels´are receive direct help from the government.
Tourism and services mostly only creates low paying jobs and bad working conditions that´s why they are bringing in migrants in the name of the SS future, personally i´m not against migration it would be hiprocritical because we have 2.1 million living abroad but it should be a cap on how many we allow to enter every year and maybe increase requirements.
And how exactly would a handful of millionaires make a country rich?
Nobody knows. Neoliberal cons would tell you that they spend/invest money where they stay, but this has ben proven not to be the case again and again. They just attract speculation and cause an increase of prices. They are a calamity.
Portugal has plenty of empty unwanted property in the interior. Government needs to improve rural infrastructure and attract investments In the interior!!Also need to have tax on long term rentals equal to tourist rentals which is 6% vs over 20% for long term rentals!
no one wants to live there, it's a wasteland with zero prospects. only the big cities are kinda habitable.
I love the interior! Planning on buying and investing in Mirandela.
@@nbkr49b I was born in Mirandela, beautiful city!!
100%. Portugal's shape lends it to being able to improve transport links to the coastal regions where most opportunities are but better utilise the interior spaces in the country that are being hollowed out. Give incentives to attract people to buy further inland or start small businesses, retail outlets in those places so that economic activity doesn't come out the back of a morning bakery van, or a mobile bank.
It's very difficult and Spain has been trying all manner of schemes to reduce Espana Vaciada, but it's all worth it if some of these things can stick, and reduce what are likely insane property prices anywhere that has the sniff of salty air.
The Douro Valley would be a good start. The interior of Alentejo would be a decidedly more difficult sell to foreigners due to much less economic activity.
The only way to bring housing costs down is to build more housing.
Not exactly, without the infrastructures around the houses they become less useful. It's a mix of the optimal density, basic services (water, electricity, health, public transport, etc) and opportunities (employment and better jobs) without gentrification (where better locations have way higher cost of living)
The political economy is dependent on house price inflation as a source of wealth.
Offer vs Demand. If they build more and there is still demand for those high prices? How much more are they capable of building in order to lower the prices?
Not necessarily. Look at China. They've overbuilt their housing by the factor fo two (I know, I know, Chinese housing quality), yet, housing prices are pretty high, especially in large cities. There are two factors, that you've overlooked. One slightly changes your hypothesis, the other makes it redundant.
1) Housing and jobs need to be colocated together or telecomuting needs to be the norm, not benefit. If they're not, you can run into that Chinese problem, where they have built entire ghost cities, that will never see significant inhabitance, while at the same time, new construction didn't make a dent in local housing prices. New housing has to be built, where major employers are.
2) Housing must be built for particular purpose, otherwise, you'll just build a number of villas, that nobody will live in long term. Meaning you'll spend money on buildings, that will only be used to generate more tourism profit. You need to create incentives, to force owners, to use their properties in certain ways and only in certain ways. If someone buys a house and intends to use it for family recreation and maybe retire in it down the line, then that person should pay property tax on that house as for family recreation building, which would be higher rate than primary residence rate, but significantly lower than commercial short term rent housing rate, which should in it self be significantly lower than if the house was not used in the last year (effectively empty homes tax) and hybrid use of a property must not be permitted outside of permanent residence (landlord living in a flat in the same house, in which case that unit would be taxed separately). Takes Spain for instance, if they implemented this kind of legislation, they could ease their housing bubble, which is not gone as of now, as far as i know.
@@looseycanon That's not comparable. in Portugal we don't have enough housing, in china they have 3 or 4 for the same household.
we need more houses that we have, and in most cases the infrastructure is already there.
There is simply to much red tape from the public institucions to build wich causes dealys (normally more than a year) and to much taxes , making it less sellable as it is too expencive for the average buyer.
we also suffer from being leveled by the mininum wage, diluting the midle class
Let me add another factor regarding foreign investment: the amount of distrust toward foreigners that has been rising does not help. As it's been pointed out in the comments, a lot of the investors, whether they are tourist or bussiness-oriented entrepeneurs, buy lands, houses and companies but proceed to do little else that actually contributes to our economy; it's a crooked, one-sided deal where the buyers win. Since most of these investors come from abroad and getting into these new revamped bussinesses can be difficult for the standard portuguese worker with less financial and educational stability, resentment grows.
On a more or less related fashion, that big Christian gathering that took place in August was expected to bring in a lot of money that would have covered the expenses taken to receive Pope Francis and thousands of people. When it didn't (as I recall, people blamed much of this on charitable housing to pilgrims), we were left with a pretty big hole where our finances used to be...
It doesn't help that Portugal is becoming derogatively known amongst ourselves as a "country for [insert sector] tourism", where people - even refugees - use Portugal as an entryway for other European countries, to travel to the Americas (Brazil or the US) or just for to get better advantages that a country cannot grant them.
Lately, there has been a scandal in the health department because this brazilian-portuguese couple living in Brazil brought their twin children to Lisbon to get access to better health treatment they couldn't get in Brazil; they got it, apparently, through internal pressure to our PoR and in spite of hesitations from certain medical staff and hospitals involved. As soon as the investigation on this started, the couple left with the kids, leaving Portugal bereft of at least 65 million euros worth of medical supplies. What kind of positive opinion can you expect to leave if you treat someone else like disposable conveniences?
Regarding our newest ex-PM: I remember listening to Costa's speech on his pending resignation as PM. The essence of the speech made me think on an interview Nixon did after the Watergate scandal, where he stated outright that illegal actions that a President took were NOT crimes (if you look at it as in that they are meant to better the country), because Costa was not really apologizing for doing backdoor corrupt dealings; he was rather apologizing for being caught in the act.
I didn't write this to start a heated argument, display xenophobia or amy personal ill-feelings. I just wrote this based on what I've seen and heard in the last 3 years.
unfortunatly that is the facist propaganda being spred by the comunist ...
The prices of rents and houses in general are so high because since 2008 companies stop building new houses. Almost every constructor bankrupted in 2008. So now we have a country with very high demand but with almost 0 construction.
"That is the thing about latin countries"... Talk about non-bias information. This is a very sinplistic post that really does not explain the current situation in portugal. Only reasonable part is the bit regarding the housing crisis. Try again, and be more serious next time.
What a bunch of crap. These "millionaires" did not bring anything of value, just misery for the normal citizen. We can't afford a home by example.
Man, tf is "Colo"? it's C O E L H O
He can't pronounce a lot of words correctly, and unlike Grant doesn't make a point to laugh about it either.
There’s a small bit of PS lobby in this video 😆
The major problem with the Housing Market is the lack of Public Housing. In Austria the State owns 40% of all housing. In Portugal its only 2% of the 6 million houses in the country.
The biggest misery source of Portugal has been corruption and dependency of foreign cash inflows, such as tourism and golden VISAs. Every single country that has this economic engine is poor, and treats its citizens like second class. This is happening in Portugal.
If the government don't improve our national industries and infrastructure inside Portugal we're doomed.
no country in Southern Europe is safe until salaries are within 10/15% of Northern Eu counterparts, as those countries are effectively buying up properties across SE. on top of that, if the EU is real about the purpose, needs to bring a common taxation for both corporations and individuals across member states. Seeing countries like the Netherlands taking in all corporations (and subsequently jobs) because of favourable taxation is detrimental for other countries.
no countries in europe are safe until the average income for young people can support 3-6 children... no matter how much pensions would have to be cut or abolished to get there
@@neocortex8198 i mean, giving people income and childcare services won't fix declining birth rate, it would just make it less severe. The perfect examples on the opposite spectres: Italy and Germany, one has the shittiest job market and salaries in europe with non existant childcare, the other has a strong welfare, high salaries, low unemployement ecc. yet, while Italy is worse than Germany, both are steadily declining.
That said, i dream for the day pensions get a huge cut: retirees is the only category who saw its living standards increase in the last 15 years, this is ridicolous.
@@bellicapelli8155 my stance would generally be banning retirement for anyone with under 3 kids. potentially doing a both sexes draft with children being an easy way out of military service.
ideally the best option would be just to seize public pension funds and give them to young people to start enterprises with
ban grandparents from refusing to help raise their grandkids, ban grandparents from refusing to let their kids with children live with them, ban people from selling their homes to pay for medical bills. Id go further and ban healthcare for dementia patients its just much more important to maximize birth rates then taking care of the braindead.
The young must overthrow the elderly id rather live in a society where the young whom work live in luxury then the reverse ie what we have now.
Im also contemplating the idea of banning the use of savings to retire, banning private pension plans and banning retirement outright. I wouldnt mind dragging the elderly out of the nursing home and forcing them to wash dishes, work as a cashier or teller or something else. Once a major war starts the young should overthrow the elderly worldwide
@@bellicapelli8155 theres a few key policies i think would help
banning abortion outside of life of mother
torture to death as the punishment for killing a rape victim
life of slave labor for rape
life of slave labor for men who refuse to marry women they get pregnant
life of slave labor for parents who refuse to help raise or use their home for their grandkids.
we need a massive tax hike on retirees
we need new national capital gains and property taxes exclusively levied against the unemployed (except those taking care of young kids directlyl)
a 80% capital gains tax on all assets post inflation calculations for anyone not currently working at least 20 hours a week
no taxes for capital gains for workers working at the company they own stock in.
socialists like to claim about "muh workers means of production" but every democratic socialist or communist movement has its primary benefactors being retirees. Its a sham that most people have fallen for to sign away ones economic freedom, the fruits of ones own labor, wages have plummeted and rather then go to the workers profits are instead consumed by pensioners
@@bellicapelli8155 but yeah an 80% income tax on the unemployed could help along with a 20% wealth tax on them as well, and if they have to sell their home to pay the tax bill they should be allowed to give it to their children with the wealth tax debt cleared the idea is to force wealth out of the nursing homes and pensioners and into the hands of the young through any means necessary
In Denmark which is not a Latin country and is considered one of the happiest open and free country in the world, non residents can not even buy real estate (I am not complaining here about Denmark, that’s how it should be everywhere in the European Union).
With the greatest respect, who's gonna wanna buy second properties in Denmark before they consider one in Spain,Portugal,Italy,Greece.Croatia?
The program isn't called "Más Vivienda" that's Spanish... The government should incentivize remodelling and new housing outside of Lisbon and Porto, decentralize.
The government should just leave economics to someone else. Whenever governments try to incentivize anything it becomes a crapshow.
@@chrismath149 everything and always are discourse red flags...
@@jorgecoelho4051 Not if it's true.
I wonder which country you are from. So difficult to tell.
Agree that more housing is needed 100%. But not outside Lisbon and Porto (or sot so much). Most housing is needed in those big cities, because the jobs are there. There are almost no jobs in the interior, it's almost pointless to build there.
I know some people (not 1 or 2) who live around Santarem and come to Lisbon to work... I could not do that. It's crazy. It's madness in my opinion. 85km each way every day! Housing is needed where the jobs are. Not 100km away.
People will not move to cheap houses in the middle of nowhere if they cannot find a job to pay for it.
Dios bendiga Portugal y a todos los portugueses.
Muito obrigado. Feliz Natal 🇵🇹
deus te abençoe angel cavadia
No les deses nada a esa gente ellos odian al español y los que hablamos español 😅
@@jesustiradoespinoza4723No generalices.
in minute 16:06 a new's article from Diário de Noticias is badly traduced, you traduced "Mais Habitação" to Spanish "Más Vivienda"
If only UK politicians would resign when confronted will allegations of corruption! We'd clear out large numbers of them with the PPE scandal alone!
Where did you get the idea Portugal rejects millionaires? They are one of the reasons property prices are sky high! You think we should bring back gold visas???
Yes
Golden Visa given for those that create jobs should be fine. The travesti of giving them to shady people that buy expensive properties is completely ridiculous.
Well done Portugal👍 The Golden Visa was not the right way to go about things.
They still have it. You just can't purchase property. Research a bit more, mate.
Maybe, but it really isnt the cause of the Housing crisis. Its impact is too negligible. Only 11k people bought golden visas in a 10 years period.. I would say mass migration, rampant tourism inflates the prices. Not just Housing but everything else as well.
Portugal was better in 2015 with passos coelho than it is now. We had less taxes and better services.
Just one note: The portuguese prosecution didn't confuse the prime minister with the minister of economy. It was public-funded campaign to clear the PM's image
Remember the Slytherin house in Harry Potter? Salazar's leadership was the foundation for that.
House founder is Salazar Slytherin, probably green a color associares with the Portuguese Legion.
santa ignorancia
Portugal reject everyone and everything, they think that they are auto-sufficient and super riches… but they are not…. Just poor guys!
Portugal has received 780.000 Migrants that need homes to live in. But the problem is the golden Visa...
Lisbon city has been empty of persons for more than 30 years.
Only rich people or companies could buy or rent houses in the city.
Instead of releasing permissions to build more houses and bigger apartments, nooooo, let's end the incentive for foreigners to come to the country!
*Rich foreigners. Normal foreigners don't get those incentives and they are coming in droves.
So much to be said! The biggest problem of Portugal are … the Portuguese and the lack of vision and negative mindset.
Golden visas - good idea bad execution. Rather then such low investment, that at the time was reachable by Portuguese middle class. Maybe minimum investment should have been 1 million and with contingency areas, to protect the Portuguese and allow us to all have the same opportunities. Not give everything to foreigners and tell us to “unshit ourselves”.
Also, a lot of traffic of influences and corruption. We still maintain the mindset of “is about who you know” instead of “who you are and can do”. It’s super sad… so so so much to be said.
It's OK. Portuguese are being forced to migrate so hopefully soon there won't be any Portuguese in Portugal preventing millionaires from taking over it.
The housing crisis is the main reason why it's hard for young people in Europe to have kids. It looks like those golden visas had the opposite effect if they wanted to stabilize their population.
Title: "Portugal Missed Its Chance to be Rich"
Me: Which time? No, really... at this point it's an ongoing meme.
Portugal, Southern Europe, France, and Eastern Europe suffer from the same issues, including high taxes, low competitiveness, and unemployment. They need urgent economic reform and Sweden suffers from violence.😢
true
You forgot to mention corruption of culture, government and society the prime reason why every civilization withers away
Economic reform ain't enough when the inherent structures are bad
Sweden doesn't suffer from violence. It suffers from IMMIGRATION.
loooooooool such lucid analysis professor. Tell us how ell the low tax economies are doing.
Czech here, I hope you mean lack of unemployment or frictional unemployment... or maybe just lazy employers. Even through covid, we had about 3% unemployment, still, our wages are depressingly low, basic necessities like rent, food, water and utilities are going up, just like in the South and West. How come that there may be discrepency in economy, yet outcomes re the same?
Portuguese here. This was awful. Like 10/10 low effort. You get extra brownie points for showing the spanish name of a Portuguese bill. Just awesome. We do speak portunhol but no in parliament
Hey Jake, whats up?? Welcome to this great team! Go Go Go guys, you are great!
I love Portugal,but if me buying property will make housing prices an impossible dream for Portuguese, I'd rather come as a tourist, although i love central Portugal in the countryside its where my heart is
If higher demand of a good does not increase production of such good, there is then a regulatory problem, preventing that good from being produced
the housing problems are mostly in the big cities. In small villages the problem isn't that big. And there are a lot of houses in need of repair that are cheaper...
Pedro passos Coelho saved Portugal from the 2008 crisis!! It was a terrible time but he had to take these measures… we had no option back then!
But the socialists tried to cover what they had done to our country... and they did it successfully 😂 there are so many people that don't even know who called the fmi
The only thing saved in 2008 was the banking system as a whole and those who own it.
Only problem with this video is that Portugal didn't pay is debt by our growth but because of the world's economy...
And since we are a socialist/communist country, we don't want people out of their misery but the richest to get poor 😉
There was no confusion between the prime minister and the minister of economy... the recordings where António Costa e Silva (minister of economy) was mentioned are not part of the main investigation where the prime minister is involved.
Wich investigation?...
On what? Governing?
Thats just propaganda
In a country with an extremely stable political system, a modest 10M civilized and western minded souls, crowny capitalism can easily corner every profitable aspect of the socio-economic landscape.
That is Portugal in a nutshell, a test tube, and barometer.
Civilized… quem são os não civilizados Paulo ?
@@Morais9014 ciganos, cheganos, bloquistas e brasileiros
@@marceloantunes998 não é todos os dias que se vê alguém a desgostar de todos esses em conjunto, nem tenho palavras lol
@@Morais9014 todos aqueles que não estão habituados a viver sob infraestruturas e praxis tipicas da "civitas".
Onde não exista um poder político estável, onde a rotação das forças políticas do arco de governação não ocorra pacificamente, onde não exista estado welfare, os se opta pela violência e abuso estruturais às mulheres, etc, etc.
@@Morais9014 podes explicar melhor?
Real estate speculation by foreigners is making impossible for locals to buy or rent a house
It's incorrect to say Antonio Costa is out of the woods just yet, that mistake was on a unrelated part of the case, and the supreme court in Portugal are still moving ahead with the investigation.
It seems the PS propaganda machine can also affect foreigners. :P
Portugal need to fix it's corruption and RANDOM in burecracy in housing licenses to solve crisis. Not reject high skill workers, who will easily chose Spain with Backham law and nomad visa. Useless goverment and populists.
welcome Jake to the team, great episode!
Coelho also completely nuked the laws of rentals in Portugal, putting enormous pressure in old rents (old people and tradicional old business as local groceries and local small restaurants)
I would say that is the effect of rampant tourism, of course its going to inflate the prices of everything, in hot areas, and surroundings
14:39 you got the housing issue wrong. Golden Visas where not the problem - no middle class Portuguese 500k to invest, in fact, the vast majority of us works to pay the bills, no savings at all.
The problem is the uncontrolled immigration: a room is good for 8/10 people, the owners charge more than a 1k/month! Apartments/houses have the same problem - it’s common to see 20/30 people living in a T3! And that is also one of the main reasons for our low income: they accept and are allowed to live and work in conditions that we would not accept or be allowed to.
This is the major problem Portugal is facing right now
My mother still resides in Portugal and struggles with cost of living pressures each day while I'm in Australia struggling with cost of living as well
Just a few correction about the end. The name confusion was just on one sentence, the main problem with the PM is that 75k€ in cash was found in his official residency, this on top of a lot of scandals was the last straw
I wonder why, he had it in there... We Czechs had this minister of healthcare Rath a while back... To give someone wine became slang for bribing somebody, cause cops found crapton of money in a wine carton (the one for six bottles)... I mean, let me be naive (for once), maybe he had too much money with his bank already and depositing more would result in bynk levying a fine :D (you may laugh, but some banks actually have them)
The money is clearly from his chief of staff. Still enough to take him down but not the same thing as being corrupt himself
It's fucked up claiming it as corruption charges.
There is no signs of any corruption, no payments, no advantage.
No charges, no anything...
So the wrong person was accused, but he turned out to be guilty anyways. That's what I'm getting from this.
It's like the end of The Untouchables, where Elliot Ness tells the judge that if the judge doesn't play along, he (Ness) will show the other ledgers of bribes with the judge's name in it. Ness doesn't have these ledgers, but the judge already knows he is guilty so he goes along.
Everibody around him was corrupt, only him was'nt. 😂
Maybe you should do a program first how many thousands properties from the state are just left to abandon, 2 - There was money found on the gabinete of the PM head of staff, hidden in wines bottles. 3- visas gold was announced to end but never did.
Lots of wrong information unsubscribed
yeah, sounds like it was written by ai
Ah, the key phrase buried. "The housing crises has more to do with land and housing regulation". Anywhere, everywhere. Government IS the problem. Regulation IS the problem.
On the other hand, Moldova.
Portugal is like a South American country that's somehow in Europe
No no no no no! We can into Eastern Europe!
@@MonkDakartebut u shouldnt
Yeah we fathered the whole of South America in case you missed it...
Now respect your elders.
This is a compliment but pple in South America won't see it this way 😆
@JG-MV broke
Portugal-Edgar Alan Poe of Europe
16:05 WTF is "Más Vivienda" program? In Portugal the language spoken and used is Portuguese, not Spanish, and in Portuguese is "Mais Habitação".
It seems that VisualPolitik ES took this news from Diário de Notícias translated into Spanish and then you posted into here, although you forgot that the name of the program was already translated from Portuguese to Spanish.
17:41 Yeah, many Super Patrons are Spanish. That explains a lot.
Bem se eles pagam é porque também tem dinheiro para isso.
Conclusion: socialism sucks.
Starting early is simple. The best way of getting ahead to build wealth, investing remains a priority. I learnt from my last year’s experience, I was able to build a suitable life because I invested early ahead this time.
You're absolutely right, to be a successful in life required not only hard work but awareness and sometime opportunity at the moment, investment remains the best way to start.
*I agree with you. Investment is the key to sustaining your financial longevity. And not just any investment but an investment with guaranteed return.*
*yeah investment is the key to sustaining your financial longevity but venturing into any legit investment or business without a proper guidance of an expert can lead to great loss too.*
Exactly and many of us don't know where to invest our money so we invest it on wrong place and to the wrong people
I'm guessing the writers finally got tired of Argentina.
Hmmm.... sounds like Portugal needs a lot Fine-Tuning in terms of economic, social and political reforms.... but at all times... they must keep what works and do away with those that no longer works.... very hard balancing act, but still seems doable... Good luck to the Portugeuse government
You forgot to mention the 2017 change of immigration law. The country is now invaded with around 800.000 (numbers just after pandemic) of low-none education immigrants from India, Pakistan, Bangladesh and Nepal who are mostly exploited in agriculture jobs. Also the mass migration from Brazil and African Portuguese Language Countries is huge. These two factors are the main cause of the housing problem, not tourism, not golden visas. In 3 years the population of the country increased almost 10%. So we're soon to have a new crisys, and not only economic but also social. Poverty increased 75% in the last 3 years, being the immigrants the new standard of homeless..
Sad to see things go down like this, but with Socialist party in rule for most of the time since dictatorship ended, the situation pretty much explains itself..
I think this video only shows prejudices against so-called (and wrongly called so) "Latin countries" in general and Portugal in particular.
Good summary but there a couple things that could have made this clearer:
- The 74 to 86 period was economically very difficult due to an initial takeover by communists, AND socialist policies that both squandered gold reserves and upset the Portuguese economy.
- Passos Coelho did not sign or negotiate the deal with the IMF/EU, his socialist predecessor did. So, he was not elected to revive Portugal in a sense, but to implement an adjustment program he took no part in.
- Passos’ chance to revive Portugal was taken away when the socialist party got a parliamentary alliance with the far left in the next election.
Cheers ^^
👌🏼
1. PSD were the ones that wanted troika to come (PS wanted to implement their own measures, PEC 4, that didn't garner political support in the parliament)
2. From the political parties that were on the parliament at the time only PCP and BE were not present in the meetings (they refused to participate) with troika
3. On the later stages of the negotiations PSD and CDS-PP weren't as active but they sent letters to IMF where they agreed to implemented whatever was negotiated if they were elected.
4. After PSD elected Passos Coelho as PM they went further than the deal wanted in some areas while failing to follow through in others either because the economy didn't allow for it or because Tribunal Constitucional didn't allow.
Passos Coelho isn't the culprit of everything as some might want to make it look but he isn't innocent either.
@@Andre.A.C.Oliveira BS.. the troika agreement was signed exclusively by Socrates before his resignation as a prime-minister, no other party was involved. After the elections there was no alternative for PSD/CSD to accept the Troika because the state was bankrupted, if PS stayed in power it would accepted it also. The idea of Passos going further than the deal is also total bs and mere propaganda. He was referring to the liberalization of the economy (as Ireland did before) and not to austerity measures.
Passos is not the culpirt of everything. PS is!
Good job, Jake!
As a Portuguese citizen, my congratulations to VisualPolitik.
From an historical perspective l, this video is quite accurate.
There are only a few things left unsaid:
- Portugal is a socialist country ruled by a socialist government that acts like a mafia.
- The government has placed its henchmen running all the top public institutions in the country, sapping their independence and making the public sector nothing more than a sect full of corruption.
- The government has funded many of the mainstream media entities, which have no qualms in showcasing its left-wing bias in their publications.
- The Portuguese society considers that any individual can only become wealthy through inheritances, nepotism or having the right connections with other powerful individuals. As a result, they despise and envy wealthy individuals.
Because of all this, Portugal is a failed state and will continue to be so for the foreseeable future.
If you have high standards for yourself and want to be successful in life, RUN AWAY FROM PORTUGAL!
👏👏👏👏
Don't run away from Portugal, that's only for losers. If you love your homeland, there's a lot you can do
Welcome, Jake!
Domestic Product (GDP) per Capita reached 24,743.727 USD in Dec 2022, wealthy economy is $13k/capita
Ya, Great Britain did not miss foreign bilionaires, and look how "well to do" their people are
The solution to the housing crisis is the construction of more public housing (not social neighborhoods or ghettos, just public housing), along the same lines as Singapore, Germany, Austria and the Nordic States and the control of the Portuguese real estate bubble, which when it bursts, then yes. it will hurt all Portuguese people and we have to be aware that 40% of the Portuguese population does not have their own home, according to data from PORDATA and INE, it is not that complicated and of course this only counts on data from official residents, We still have hundreds of immigrants who may not be counted and some disconnected communities like the Romani People (Ciganos, Roma or Romanis in Portuguese), but even so it is not an investment that will cost that much in the country in the end. Furthermore, there are many vacant houses and buildings in all Portuguese cities that could be reused for many things, from housing to the headquarters of new companies and associations, not requiring new constructions and uncontrolled expansions of cities and also the continuous abandonment of buildings that can cause example can be seen in the Lisbon Metropolitan Area. Regarding Passos Coelho, I admire his work and dedication, he was a great statesman and guided Portugal during economic and social suffering, but if the Government of António Costa had successes and glories, the basis of all this was the state of the country left by Pedro Passos Coelho, however, I do not agree with some sets of privatizations carried out during his mandate, I think that the infrastructures and critical sectors of the Portuguese State should have remained in the State and not in private hands, but that is another issue. And the Portuguese Economy urgently needs to diversify and cannot live solely on tourism, real estate, foreign investment and remittances from emigrants, investing in startups and renewable energy companies and technological companies, it needs to invest in the sea, in its exclusive economic zone, in the sustainable exploration of resources, in the key sectors of navigation and maritime transport, in civil construction and infrastructure, in connection with Portuguese-speaking countries and serving as an intermodal and intercontinental platform between Europe, America and Africa. Now the controversial part, I'm not excusing António Costa, but things aren't as black and white as they want to seem and I don't think that the resigned Prime Minister António Costa is actively involved in corruption, I believe that he is involved, but not in active or unbridled corruption as many say, from what I interpret of the situation there were facilitations, authorizations and concessions on his part. powers to ministers and their chief of staff and advisors to be able, in their name and on behalf of the Government, to do business, seek investments, etc. for Portugal, because the projects they had in mind, which involve lithium, the digital data, the Sines deep-water port, etc. are not bad, but the way they contacted companies, the way they carried out public tenders and facilitated certain competitors, etc., was clearly not clean and was clearly the work of influence peddling and above all the power of the word and the famous Portuguese "Tachos e Cunhas", then we have the case of the 75 or 76 or 78 thousand euros belonging to the Prime Minister's chief of staff, found in books and wine pockets in the office of this same official, in the official residence of the Prime Minister, clearly suspicious money, but he claims that he is working as a consultant in Angola, I don't believe it personally, but I also don't believe in António Costa's direct involvement, but an indirect involvement through authorizations and concessions and through conversations recorded by the Public Ministry, they hid things from António Costa, so much so that there was a wiretap in which the businessmen involved wanted to report a situation to the Prime Minister but claimed that Minister João Galamba did not allow it and that they would be punished for it. And it is not known whether the Antonio Costa that is spoken of in all the recordings is Antonio Costa or Antonio Costa Silva, for example there are recordings in which Antonio Costa is referred to as God or the Lord, with whom one should not speak or ensure that the business dealings with Minister João Galamba are not discovered.
only 40%? Never heard anyone combining the words only and 40% in the same sentence..
We don’t reject millionaires. They, like everyone else, are welcome in Portugal.
But we do need someone to come here to Portugal help the government to establish good policies to allow for building new homes and reduce construction regulation. Supply needs a boost to balance things out.
Good content and research but the title could be less misleading. Thank you.
I'm sorry to say this but you really need to work on the pronounciation of Portuguese names, José is ending up as Yose, and Coelho sounds like Colo, not even close as what it should sound like
Weak video. It mentions only surface problems. Housing crisis is not about turism and golden visas, its deeper. The policial crisis is not about an error, its deeper and older, not to say that if this was other northen country António Costa would never be minister after the Casa Pia scandal.
Can someone at local country's average wage (not minimum) afford a good 3 bed house (rent or buy) in London, Sydney. New York, etc? The problem is not exclusive of Lisbon. It just took a while for Lisbon to catchup with others in this issue.
Average wage in Portugal is around 1400€. In Lisbon, renting a 1 bedroom house eats, at minimum, half of that salary.
@@filipe5722 You forgot to say more than 50% of the population in the country earns the minimum wage which is not even 1000€ after taxes.
@@bouncer005 No, I did not. The data I presented was more than enough to support my point.
Dude, you got too many facts wrong... Simplex was a PM Socrates measure. The lack of housing has a lot to do with lack of skilled workers because they emigrated under Passos Coelho and the ones remaining are mostly into construction for tourists, the most profitable. Also young people have no access to housing credit, one of the measures by Passos Coelho. Just a few... It's a complex reality.
Welcome Jake!
I like the new guy! Give him a better mic though.
Odly enough the guy who took credit for "saving our economy" has been nominated for a big euro position. Suprised to no see Mario Centeno "Ronaldo of Economy" mentioned here
I love the new guy!
they need assigned housing, we need it too.
The "o" and "e" in Coelho are pronounced separately, while the "l" and "h" form a single sound. So it would be something like Koo-EH-yoo.
Also, I tend to like your videos and is good to here some macro-economic discourse different from what we are accostumed in Portugal.
That said, I think it still carries a bit of prejudice against the "Latin countries". Like if anything goes not so good for Portugal "well they are a small Latin country after all..."
We still remember Dijesselbloem and the arrogance of the Northern europeans
Obrigado
Resignations? Have you been watching the UK for the last couple years? As for housing, prices in Lisbon are much higher than most of the rest of the country.
Hey Jake u look great!!
Pedro passos " cólon " 🤣🤣🤣
Did the prime minister of Portugal use a fire extinguisher in the parlament and got many MPs in danger? No MP ever will make more chaos in Parliament than Polish Grzegorz Braum. Although I think the british MP who drove into parliament stairs after drinking wine is close 2nd.
Maybe they also decided you get what you pay for; and y'all definitely got what you paid for.
EXCELENT!
I hope people in Portugal, but also in the rest of Europe really understand that a country like Portugal had it's production of goods.....and everything it was good at for centuries .......stiffled when the EU mandates came in.
It's such an important topic and people gloss it over. The EU decides Portugal is going to be about tourism.......and then people wonder why countries like Portugal don't improve in terms of economy. We can't even export our bananas from Madeira "because they are too small".
It behooves a conscious european citizen to KNOW how the constituant members make their money....before assuming a bunch of stuff.
Not trying to hate but this video seems to lack in-depth research, proper knowledge of Portuguese history, economic history and it's current state, which is not hard to understand since, admitedly, this is the first video on this channel to focus on Portugal. I appriciate the effort though.
You guys dont know what you talking about, Portugal slow down his growth rate so much compared with other rich countries in europe, and thats due to euro and uE with their shady policies, go read Euro by joseph stigthz
i like the new dude's politics, he appears to be a friend of the free market
It's hard being ambitious when you can't afford a place to live. It's hard to strive when you're focused on just surviving. At this point a massive number of local portuguese are not striving to be rich but to stay afloat. The argument that we missed a chance to become a major European attraction is flawed, because technically we already are a major european attraction as you can tell from the levels of tourism and foreign startups. Housing prices are very attractive for foreigners with higher incomes than the portuguese medium wage. I believe the solution to the portuguese problem should be seen from a macro economic perspective.
Too often, the government is blinded by fixing their economy, thus allowing poor policy of foreign investment and immigration.... it creates more inequalities.
fyi, spoke to taxi drivers, tour guides, and normal shop keepers and owners whilst I was in Lisbon etc.
honestly the only way to fix economies to work for younger people is to abolish government pensions
Jake to replace Grant? Did Grant leave? :/
We need to stimulate the center of Portugal!
LVT would save them all the troubles you mentioned
attract the rich = smart
attract the poor = not so smart
if only it was THAT simple
The poor at least work. The rich just want to have a backdoor for Schengen.
Important correction 17:10 There is one phone recording were there is name error regarding the prime minister and the minister of the economy which very similar. But there are many more recordings were there is no such issues, so there is still a case ongoing with the prime minister.